Aravind Kannan (student) (86 Points)
31 January 2010
It is learnt that interest paid u/s. 234 C are not allowable. Can anybody indicate the exact section of the under IT Act or any judgement, which provides for such disallowance?
Amir
(Learner)
(4016 Points)
Replied 01 February 2010
Dear Aravind,
THERE ARE MANY JUDJEMENTS WHICH HAVE SAID THAT INTEREST PAID UNDER INCOME TAX ACT IS NOT ALLOWED AS DEDUCTION..
Any interest payable for default committed by the assessee in discharging its statutory obligation under the Income-tax Act which is calculated with reference to the tax or income, cannot be allowed as a deduction - Orient General Industries Ltd. v. CIT
Deepak Kumar
(Chartered Accoountant)
(270 Points)
Replied 01 February 2010
Understanding Corporate Tax in the UAE - Essential Insights and Practical Utilization
CAclubindia
